Why is life insurance important?
When driving, there is no action required by the driver to activate or use the airbags. Aside from wearing your seatbelt (which is always a good idea), airbags provide an additional form of security as you travel. Life insurance works the same way! Without scrambling or stressing, you can relax knowing that your loved ones will be taken care of after you’re gone.
Yes, you may have life insurance through your employer, but it may not be enough. Most of these policies will cover funeral costs and immediate needs, but payments like mortgage, debt and legacy planning are not always included. Most employer-based life insurance policies generally do not continue if you no longer work for the company. Look into this plan to ensure that it provides the right amount of coverage for your family.
Did you know?
- In 2022, 106 million American adults were without life insurance or underinsured.
- 50 percent of Americans reported owning life insurance in 2022. Comparatively, 52% of Americans reported owning life insurance in 2021.
- All income levels are now less likely to say they have life insurance coverage.
- More than 50% of Americans overestimate the cost of life insurance by 300%.
- 30% of Americans believe life insurance is only for end-of-life expenses, leading them to not purchase enough to provide income replacement or allow wealth transfer.
- More men report feeling very knowledgeable about life insurance than women, by a difference of 17%.
